US MANUFACTURING EXECS OPTIMISTIC ABOUT YEAR AHEAD

US manufacturing executives are increasingly optimistic about the national economy heading into 2015, a newly released survey has found.

And many of the executives surveyed say they are planning to increase their workforces this year.

The latest Manufacturing Barometer from PwC – a quarterly survey of 60 senior executives at multinational manufacturers – showed 68 percent of respondents were optimistic about the US economy's prospects for the subsequent 12-month period, up from 57 percent from the previous quarter.

In addition, 60 percent of those surveyed indicated plans to add to their workforce this year, while 52 percent planned to offer new products or services and 43 percent anticipated new capital investments.

All three percentages increased compared to the third quarter, as did the number that planned for operational spending and research and development spending.

"Economic sentiment has improved among US manufacturers and we are seeing an upswing in their confidence levels, leading to increased plans for hiring and operational spending,” said Bobby Bono, leader of PwC’s US industrial manufacturing efforts.

In addition to the projected workforce expansion, 78 percent of respondents said they planned to hire new skilled workers, while nearly two-thirds anticipated needing to fill skill gaps in their businesses in the next one to two years.

In addition to potential skills gaps, executives pointed to legislative or regulatory pressures and lack of demand as the biggest obstacles to growth — though the 32 percent that identified regulatory issues was down 27 percent compared to the third quarter survey.

And despite more pessimism about the global economy, 18 percent of those surveyed said they planned to develop new facilities abroad, double the percentage from the third-quarter survey.

The Manufacturing Barometer was conducted between September 19 and December 22 last year – a period that largely coincides with a strong increase in industrial production nationwide.

Share:

Related news & editorials

AMTIL will be using its presence at NMW to set the scene for a busy events programme over the coming year.
AMTIL has a long-standing relationship with NMW, having colocated its own Austech exhibition with NMW for many years, and continuing to do so every second year in Melbourne. AMTIL’s... Read More

A local cosmetics brand called Australian Creams has topped a list of the most trusted national name among mainland Chinese consumers, according to a new index from Monash University.
The brand, owned by family-run G&M Cosmetics and based in Sydney’s Sutherland Shire, was ranked above big-name... Read More

NSW's rail expansion has been met with issues up and down the supply chain, but one of the earliest was the revalation that new trains were built too wide to safely fit through existing tunnels in the Blue Mountains.
Now, alongside prepared plans to alter existing tunnels, platforms, and stations... Read More

The Turnbull government has been pushing for Australia to leap up into the top 10 global defence exporters, but government spokespeople have admitted the goal is both ambitious and hard to quantify.
Part of the issue is that while Australia is currently estimated to be the 19th-largest exporter, ... Read More